Corbion wins bid for TerraVia

Corbion has fielded the winning bid for algae-product producer, TerraVia, after the company voluntarily entered a 'stalking horse' period.

The Netherlands-based food ingredient and bio-based technology company announced that it has been approved​​ as the highest bidder in the sale for TerraVia.

The designation followed an auction process where TerraVia Holdings and its affiliated debtors established that the “highest and best bid”​ for the majority of TerraVia’ assets came from Corbion.

The US Bankruptcy Court of the District of Delaware also approved Corbion as the successful bidder and allowed the sale to go through.

Its offer for the California-headquartered nutrition and specialty ingredient company included about $20m in cash, said Corbion.

Completion of the purchase remains subject to closing conditions and regulatory approvals though.

Chapter 11 filing​

Some months back, TerraVia had announced​​ that it was filing voluntary chapter 11 petitions​​ and starting a “stalking horse”​ purchase agreement for stocks and assets with Corbion NV.

Filing for reorganization under chapter 11 of the bankruptcy code in the US Bankruptcy Court of the District of Delaware was done to simplify the competitive transition process, it said. The filing included TerraVia Holdings, Solazyme Brazil and Solazyme Manufacturing 1.

Corbion’s interest​

When that bankruptcy filing was made public, Corbion told us that it was interested in acquiring TerraVia’s microalgae platform.